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- ⚠️CHART OF THE WEEK: US margin debt hit an all-time high in November
⚠️CHART OF THE WEEK: US margin debt hit an all-time high in November
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Global Markets Investor
December 20, 2025
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🔥🔥 GLOBAL MARKETS INVESTOR PORTFOLIO — UP 64% SINCE JANUARY 2024 DURING THE MARCH-APRIL 2025 MARKET TURMOIL, MAJOR US INDEXES FELL NEARLY 20%, WHILE THE GMI PORTFOLIO GAINED OVER 5%, FIND OUT HOW BELOW:
US margin debt reached a record $1.2 trillion in November.
Over the last 7 months, margin debt surged +$360 billion, or over +40%, marking the largest 7-month increase since the 2000 Dot-Com Bubble.
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In the past, similar surges and peaks were seen:
1) In 2021, before the 2022 bear market
2) In 2007, before the Great Financial Crisis
3) In early 2000, before the Dot-Com Bubble burst.
Moreover, after adjusting for inflation, margin debt increased +2% MoM and +32% YoY, also reaching a new record.
At the same time, margin debt as a % of the M2 money supply rose to ~5.5%, the highest level since before the Great Financial Crisis.
The only period outside of 2007 with a higher margin debt-to-M2 ratio was seen during the 2000 Dot-Com Bubble.
Lastly, the 12-month increase in margin debt minus the S&P 500 gain is now at its highest level since 2021, even exceeding levels seen before the Great Financial Crisis.
In simple terms, margin debt is rising faster than stock prices, suggesting there may be limited upside left.
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